Related Content

Record gold production and free cash flow has seen Kirkland Lake Gold post record net earnings of $US110.1M in the Mar 2019 qtr (Q1 19) from Q4 18’s $106.5M, with adjusted net earnings up to $112.1M from $109.6M.Based on the strong Q1 19 results at Macassa in Canada and Fosterville in Australia, Kirkland has raised the lower end of FY/CY2019 guidance to at least 950,000oz, with operating cash costs down to $285oz-$305oz.

Record production from its mines at Fosterville in Australia and Macassa in Canada has helped Kirkland Lake lift March qtr (Q1) production to 231,879oz, up from 231,217oz in the previous qtr and well positioned for its improved FY2019 production guidance of 920,000-1Moz gold.Fosterville delivered 128,445oz (Q4FY2018: 124,307oz) and Macassa 72,776oz (69,936oz), with additional contributions from its Canadian mines of 17,225oz (16,774oz) from Holt and 12,377oz (19,305oz) from Taylor.

The outstanding performance of low-cost mines in Australia and Canada have Kirkland Lake Gold closing in on a million ounces of annual gold production – and a billion dollars in annual cash may not be far behind

Canadian-based gold miner Kirkland Lake could hit the 1Mozpa production rate as early as this year due to the transformation of its Fosterville gold mine in Victoria, Australia.Kirkland Lake previously tipped 2021 as the year it could reach the milestone, but a review of its production guidance now tips FY2019 output of 920,000-1,000,000oz.It’s also predicting AISC of $US520-560/oz, compared to previous guidance of $630-680/oz.

With 3 of its 5 producing gold mines hitting record levels, Kirkland Lake Gold has lifted total Dec 2018 year (FY/CY18) output to 723,477oz, up 21% on the previous year and heading for 1Moz+ pa as early as 2021.

Kirkland Lake is tipping above-target FY2018 group production as its Fosterville gold mine in Victoria, Australia charges towards another quarterly record.President-CEO Tony Makuch says mill grades over 35g/t and early access to two additional stopes in the high-grade Swan Zone have Fosterville on track to easily beat its Sept (Q3) qtr record of 90,618t.KL now expects Fosterville’s FY2018 production to exceed 330,000oz, above its 300,000-310,000oz guidance, and lift consolidated output over its forecast 655,000-670,000oz.

Australian gold mine production for the Sept 2018 qtr eased just a few thousand ounces on the previous qtr to 81t, but 6t more than in the Sept 2017 qtr.Mining consultants Surbiton Associates’ review says Australian gold production is now comfortably more than 300tpa and worth around $A16B pa in exports, maintaining its place as the world’s 2nd largest producer after China, which produced around 440t last year.